I love the idea of a TV series, bring it on! Ok, admittedly I'm more of a TV nerd than a movie nerd because I find long form storytelling more compelling and leaves so many places to go.
A team of mercenaries stocked with mid level 80's and 90's action stars. Both American Ninjas of course are a must here. My mind boggles at all the possibilities (martial arts movie fan I am).
I think they can do something really cool with a 12 episode series even on a TV budget. Look at our modern action shows, Hawaii 5.0, 24, Human Target, Burn Notice, Leverage, The Unit, Stargate. A good action series can be done on a TV budget if they know how to tackle it and not make it look cheap.
Have them be a team that does missions like Barney's team, have their assignments (or initial assignment) be given by Bruce's character. Throw in a cameo from one of the actual movie cast every few episodes to show that it's same universe and mercs cross paths.